what is the gross profit

McCombs Contractors received a contract to construct a mental health facility for $2,500,000. Construction was begun in 2023 and completed in 2024. Cost and other data are presented below: 2023 2024 $1,300,000 Costs incurred during the year Estimated costs to complete Billings during the year i $1,500,000 1,200,000 0 1,200,000 1,300,000 Cash collections during the year 1,000,000 1,500,000 Assume that McCombs recognizes revenue upon project completion. Required: Compute the amount of gross profit recognized by McCombs during 2023 and 2024. Note: Loss amounts should be indicated with a minus sign. Amount of gross profit (or loss) recognized in 2023 Amount of gross profit (or loss) recognized in 2024